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WorksheetsFCA Business Plan & Strategy
Total questions: 22
Worksheet time: 11mins
The FCA strategy is designed to cover what time period
1 year
2 years
3 years
Not specified
The strategy sets out three key areas where we are making commitments. Which of the following is not one of them?
Reducing and preventing serious harm
Setting and testing higher standards
Reducing and preventing financial crime
Promoting competition and positive change
Under reducing and preventing serious harm, we make a number of commitments. Which one below mentions our stronger authorisation gateway.
Dealing with problem firm
Improving the redress framework
Reducing harm from firm failure
Improving oversight of Appointed Representatives
Reducing and preventing financial crime
Under the setting and testing higher standards focus area, the strategy mentions the introduction of a new Consumer Duty. What does the Consumer Duty do?
Makes sure firms always give customers access to the best rates/price
Sets clearer and higher expectations for the standard of care firms gives customers
Introduces an additional tax that customers pay on their financial products, with the proceeds being used to bolster FSCS
Under promoting competition and positive change focus area we make three commitments. Which of these is NOT one of those commitments?
Educating consumers to make better choices
Preparing financial services for the future
Strengthening the UK’s position in wholesale markets
Shaping digital markets to achieve good outcomes
The final section of the Strategy talks about our Operations, and includes details of how we are testing the limits of our own powers including through removing permissions from firms not using them. How many firms did we remove permissions from in 2021?
6
161
239
1364
How may firms do we supervise?
65,000
61,000
55,000
51,000
How many firms do we prudentially supervise?
41,000
49,000
51,000
59,000
Where is the FCA planning to open a new office in 2022?
Leeds
Manchester
Belfast
Liverpool
What is the Annual Funding requirement (AFR) for 22/23
£501.4m
£640.1m
£601.4m
£540.1m
We aim to keep the proportion of firms with 'adverse' 'reasonable assurance' CASS audit opinions stable at below what % figure?
5%
20%
10%
15%
What main survey do we use to help us gauge consumer outcomes?
Financial Freedom survey
Financial Lives survey
Cost of Living survey
Consumer Consumption survey
The FRF will change the statutory and regulatory framework we operate in. What does FRF stand for?
Future Regulatory Framework
Financial Risk Framework
Fundamental Risk Framework
Financial Regulatory Framework
The UK currently ranks in the top ___ of the New Financial global financial centres index.
15
10
3
5
The FCA is aiming to publish a joint paper with who(?) on artificial intelligence (AR) in financial services?
UK Finance
London Stock Exchange
Bank of England
HM Treasury
Decision making on statutory notices has moved from our Regulatory Decisions Committee (RDC) to whom?
Executive Procedures
Regulatory Procedures
Regulatory Approvals
Executive Decisions
When are we expecting to finalise rules and guidance on the proposed Consumer Duty?
End of June 2022
End of July 2022
End of August 2022
End of September 2022
What is one of the three main focuses of the new FCA business plan?
Maintaining current standards
Reducing competition in high risk areas
Reducing and preventing serious harm
Identifying serious harm
What Environmental Social and Governance (ESG) regime are we looking to implement to make it easier for consumers to understand ESG related products?
Disclosure regime
Labelling regime
Origination regime
Locator regime
The wider implications framework was launched in January 2022, through this the FCA works with regulatory partners to tackle common issues and provide greater certainty to consumers and firms. Alongside the FCA, what other organisation is a member of this group?
Bank of England
The Money and Pensions Service
HM Treasury
Trading Standards
What regulatory activity does the business plan say we will undertake in order to support competition and innovation?
Take a lighter touch approach to fintech firms at the gateway
Level the playing field for firms that follow the rules by removing those that consistently don’t
Close firms down in over-crowded sectors to make way for new entrants
Reduce our application fees to encourage more new firm applications
The business plan identifies stronger oversight by principals of ARs as being an outcome we want to achieve. Which of these is not one of the key activities that will achieve this?
Strengthen scrutiny at the regulatory gateway
Consideration of policy interventions
Improving the information on the FCA register
By-pass the principal and undertake closer supervision of the ARs themselves
